China Property Market Thrives Temporarily During National Day Celebrations
China Property Market Surges During National Day Holiday
China's property market recently saw a notable spike in buying activity during the weeklong National Day break, buoyed by government policy interventions. Transactions of new homes jumped by 27% from last year across 25 Chinese cities, according to the China Index Academy.
Government Measures Propel Market Activity
The People’s Bank of China took decisive actions, significantly reducing mortgage rates and down payment requirements for second homes to invigorate consumer sentiment. Showroom visits surged over 50%, particularly in major cities like Beijing and Shanghai, where developers reported extended hours to accommodate increased foot traffic.
Concerns Over Market Sustainability
- Despite the buying frenzy, experts warn of potential short-lived gains due to ongoing market weaknesses.
- The three red lines policy continues to pose challenges for real estate recovery.
- Analysts forecast stability in new home sales value by mid-2025, contingent on reducing excess inventory.
Across Shenzhen, dubbed
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.